Submitted by reader23 on February 22, 2008

• Category: Business
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Accounting Overview By Layman

Every person is directly or indirectly affected by personal finances. Finances for business are much more complex than individual finances, but some of the same goals and objectives apply. As individuals, we want more funds coming in than going out, to affect our bottom line income, cash flow, and debt. Businesses also want to make fore sales (funds coming in) than have more expenditures (funds going out). Personal finances adhere to basic accounting principles where transactions stand on their own merit. “Accounting values are established primarily by actual transactions, and income that is gained or lost during a given period is a function of verifiable transactions.” (Block, Hirt,...

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